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Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (loss) before Income Tax

Income (loss) before income taxes included the following (in millions):

			2024						2023						2022
Domestic operations			$	527.4					$	532.4					$	490.3
Foreign operations			410.5						426.5						417.8
Total income (loss) before income taxes			$	937.9					$	958.9					$	908.1

Schedule of Components of Income Tax Provision (Benefit)

The provision for income taxes included the following (in millions):

			2024						2023						2022
Current provision (benefit)
Federal			$	149.3					$	91.2					$	47.2
State			25.5						21.4						14.8
Foreign			40.5						57.1						47.8
Total current provision (benefit)			215.3						169.7						109.8
Deferred provision (benefit)
Federal			(55.8)						(78.8)						(39.0)
State			(7.7)						(4.6)						0.3
Foreign			(34.6)						(14.0)						48.1
Total deferred provision (benefit)			(98.1)						(97.4)						9.4
Provision (benefit) for income taxes			$	117.2					$	72.3					$	119.2

Schedule of Reconciliation of the Statutory Federal Income Tax Rate to the Actual Effective Income Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the actual effective income tax rate:

			2024						2023						2022
U.S. federal statutory income tax rate			21.0		%				21.0		%				21.0		%
State and local taxes, net of federal benefit			2.4						1.8						1.7
Research and development tax credits			(1.3)						(2.4)						(1.8)
Investment tax credits			(0.8)						(0.5)						(0.5)
Foreign rate differential			2.6						1.8						1.5
Net accruals (reversals) for unrecognized tax benefits			(8.5)						(10.8)						(7.9)
Stock-based compensation			(1.4)						(2.1)						(1.1)
U.S. export sales			(1.9)						(2.2)						(2.0)
Other			0.4						0.9						2.2
Effective income tax rate			12.5%						7.5		%				13.1		%

Schedule of Deferred Income Tax Assets and Liabilities

The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense were as follows (in millions):

Deferred income tax assets:			2024						2023
Long-term:
Accrued liabilities			$	33.9					$	29.5
Inventory valuation			22.4						29.1
Accrued vacation			7.9						8.1
Deferred compensation and other benefit plans			15.1						14.5
Operating lease liabilities			21.6						27.9
Capitalization of research and development			165.0						141.1
Tax credit and net operating loss carryforward			33.2						39.3
Other			30.0						34.8
Valuation allowance			(20.2)						(18.2)
Total deferred income tax assets			308.9						306.1
Deferred income tax liabilities:
Long-term:
Intangible amortization			587.0						638.7
Property, plant and equipment differences			28.4						29.0
Operating lease right-of-use assets			18.9						25.3
Unremitted earnings of foreign subsidiaries			7.4						3.6
Other			9.5						12.4
Total deferred income tax liabilities			651.2						709.0
Net deferred income tax liabilities			$	342.3					$	402.9

Schedule of Rollforward of Unrecognized Tax Benefits

Unrecognized tax benefits (in millions):			2024						2023						2022
Beginning of year (a)			$	96.5					$	162.8					$	402.0
Increase due to business combinations			—						18.6						—
Increase for tax positions taken during the current period			1.8						3.4						2.7
Increase in prior year tax positions			1.0						3.0						0.2
Reduction related to settlements with taxing authorities			(46.6)						—						(223.3)
Reduction related to lapse of the statute of limitations			(17.6)						(96.3)						(26.4)
Impact of exchange rate changes			10.1						5.0						7.6
End of year (a)			$	45.2					$	96.5					$	162.8

(a) Beginning and end of year balances include amounts offset by deferred tax and amounts offset by potential refunds in other taxing jurisdictions.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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